The supporters of a central bank were those involved in industrial and commercial ventures. They wanted a strong currency and central control of the economy. The opponents, principally agrarians, were distrustful of the federal government. The critical question — with whom would President Jackson side?
Economic historian Charles Sellers wrote that "the Bank's rash irresponsibility became too egregious for even its supporters. Pro-Bank Democrats in Pennsylvania were alienated when the financial pressure sabotaged a state bond issue late in February, and in March elder statesman Albert Gallatin organized a committee of New York's most prominent financiers to demand that Biddle relax the pressure. Finally in early April, as angry comprehension of Biddle's abuse of power swept the country, House Democrats mustered a majority for resolutions upholding removal and opposing recharter. So conclusively had the big Bank convicted itself that even Whig politicians were compelled to abandon it. Except for the formalities of winding up its business, the Second Bank of the United States was dead." 107 Historian James Schouler noted: By 1834 there were some five hundred or more local banks in the United States whose aggregate circulation was several times greater than that of the monster bank which Jackson's pack was running down; and, as clear observers noted, the coexistence of half a thousand distinct currencies in this country was the great defect of its financial system. Here our National Bank was far less of a regulator than other such banks abroad. This mass of chaotic paper struggled for preference, the more remote country banks having rather the advantage for keeping out small notes; nor until thirty more years had swept by did the compulsion of civil war bring out a new and formidable weapon from the national armory, that of taxing State circulation out of existence, so as to occupy the whole Union with a national paper currency. Yet with every disadvantage the Bank now panting for life had furnished a perfectly sound currency for fifteen years or more, and brought local exchange down to a very moderate cost. Its superior credit, the establishment of its branches at all the great cities of the Union, the use of its notes, as the law permitted, in all payments to the government, had given to its circulation the preponderance. All this was soon to melt away before the breath of Jackson's displeasure; and what currency could fill the chasm it left no one was able to forecast. Derangement and distress were sure to attend each new step in an experimental process....Jackson and his advisers soon felt their dilemma, and the deposits had not long been transferred when a bullion proscription was drawn up to ease the griping pains of the community. Secretary Taney first promulgated the plan officially in a letter which was sent to the ways and means committee when bank note shaving was at its height and every State currency yielded its clip of discount to the broker. Jackson himself, in one of his grotesque interviews, had thrown out the hint in February. The administration now undertook to introduce a metallic currency for small amounts; this was done by inducing the State banks which took the public deposits to stop issuing paper notes under five dollars, then larger ones such as ten dollars, and finally, with all the aid possible from State legislatures, to restrict bank notes to twenty dollars and upwards. The Bank of the United States had been restrained by its charter from issuing notes of less amount than five dollars; but local banks had not been thus restrained. This notion was not bad so far as it could be carried into practice; and, though at sword's points, the two Houses of Congress joined to help the President's experiment by passing acts for regulating the coinage standard and infusing more gold and silver into the currency of the Union. The idea of reforming our gold currency had long been entertained. Jackson took the strongest interest in the passage of these bills so as to get his shining coins into the people's pockets; and going to Tennessee in the recess he toasted gold and silver at a public dinner as "the true constitutional currency of the United States," which he said could protect our labor without the need of a national bank. The jingling of these new gold coins about the country, known as Benton's yellow jackets, helped the President in the fall elections; but it was only a drop in the bucket of expedients so far as real relief was concerned. Indeed, the panic, which was due so much to a temporary tightness and fears not realized of something worse, began to mend by midsummer."
Roosevelt and Jackson were major influences towards this country.
Politically, Jackson had calculated correctly. Biddle had calculated badly. Jackson had done a far better job defining the economic and political situation than Biddle could or would. Unhappy Americans understood the impact of Biddle's policies even if they did not understand his principles. Historian Sean Wilentz wrote: "Infuriated by the Bank's continued contraction of credit, business leaders from New York and Boston demanded over the spring and summer of 1834 that Biddle relent lest they repudiate him publicly and bring fully to light how his policies were harming the nation. Finally, in mid-September, Biddle gave way, resuming the Bank's lending, halting the so-called Biddle Panic, and ending his effort to for Jackson's hand."
was more destructive than Jackson's war on the Bank
One of the candidates was Andrew Jackson, or “Old Hickory” as they called him, a general that had won the Battle of New Orleans(which was a battle not needed) in the War of 1812.
The Bank War - National Archives
The authority of the Supreme Court must not, therefore, be permitted to control the congress or the executive when acting in their legislative capacities, but to have only such influence as the force of their reasoning may deserve.”
The President's right to read the Constitution in a manner contrary to the understanding of the Supreme Court, or the states, originates in Jefferson's and Jackson's conception of the powers of their office.
Presidential power expanded during Abraham Lincoln’s presidency which was not to be seen again until FDR and the Cold War.
President Andrew Jackson to John Coffee, ..
His successors, particularly Andrew Jackson, would transform this into the “spoils system,” but Jefferson set the precedent for the idea that a President should have the right to appoint to federal office those who agree with his politics and policies.